[Market Focus] Ecomarketing Surges for Second Day on Tender Offer News

Following Bain Capital, a global private equity fund (PEF) manager, announcing its intention to launch a tender offer, the share price of Ecomarketing has continued to rise.

As of 11:21 a.m. on January 5, Ecomarketing was trading at 15,900 won, up 1,990 won (14.31%) from the previous trading day. On January 2, when Bain Capital announced it would acquire a controlling stake in Ecomarketing, the stock price surged 30.00% from the previous session, closing at the upper limit of 13,910 won.

Previously, Bain Capital announced that it would acquire approximately 44% of Ecomarketing's controlling shares from CEO Kim Chulwoong and other major shareholders through its special purpose company (SPC), BCP EEA Bidco One. The remaining shares will be acquired through a tender offer, after which the company plans to proceed with delisting. The tender offer period runs until January 21, and all shares tendered will be purchased regardless of the subscription rate. The tender offer price is 16,000 won per share, the same as the acquisition price for the seller’s shares.

Choi Minha, a researcher at SAMSUNG E&A, said, "In the short term, the tender offer price is expected to set the upper bound for the share price," adding, "Given the per-share purchase price, the total amount Bain Capital will spend to acquire Ecomarketing is 49.65 billion won for 100% of the shares, combining the 28 billion won tender offer payment and the funds used for the initial stake acquisition."

He added, "In particular, Ecomarketing is the largest shareholder of the athleisure company Andar, so this acquisition of management rights will also secure effective control over Andar," and noted, "This reflects Bain Capital's high evaluation of Andar's growth potential and brand competitiveness."